The LIC Smart Pension Plan, by LIC is an annuity plan that ensures stability after retirement through a one time premium payment option for individuals or groups.It includes annuity choices, for both joint life coverage without any investment linkages or participation features.
Key Aspects of LICs Smart Retirement Plan
Policyholders have the option to choose either a life annuity or a joint life annuity under the plan to maintain financial assistance, in place. They can receive annuity payments on a semiannual or yearly basis to accommodate their specific requirements and preferences.
Furthermore LIC provides rewards, for increased premium payments and loyal policyholders. If the policyholder passes away the beneficiary has the option to receive a one time lump sum payout receive annuity payments from the death benefit or choose to get payouts in installments. Moreover this scheme caters, to National Pension System (NPS) participants enabling them to select an annuity option.
Criteria, for Qualification and Additional Information
You must be 18 years old to enroll in the annuity plan; the maximum age requirement ranges from 65 to 100 years depending on the chosen option. The initial investment amount is set at ₹10000 with no limit but subject, to LICs evaluation policy. Monthly annuity payments must be at ₹1000. Eligibility, for loans begins after three months. Following the end of the free examination period.
The LIC Smart Pension Plan is available, for purchase offline via LIC agents and intermediaries or, at Common Public Service Centers.
